Bombshell arrest: Stephenville insurance agent charged with theft, money laundering.
- Apr 24
- 3 min read
In a bombshell arrest following an investigation by the Texas Rangers, a well-known Stephenville businessman has been charged with two stunning crimes.
Clayton Iley, owner of Texas Legacy Insurance Group, was taken into custody on Friday and charged with theft over $300,000, and money laundering, over $300,000, both first degree felonies.
He is being held at the Erath County Jail; bond has not been set.
Erath County District Attorney Alan Nash declined to comment on the pending investigation, but an arrest affidavit, obtained by Beneath the Surface News, outlines the list of allegations against Iley.
Among those allegations is that Iley pretended to be affiliated with the military as a defense contractor and claimed to have served in the Army.
According to the arrest warrant, Texas Ranger BJ Hill says those claims were patently false and were used to obtain investments and donations totaling approximately $2,415,000 through a Ponzi Scheme marketing a fictitious position and investment with the Department of Defense.
"I searched through the bank records for Spartan Global Security and Texas Legacy Insurance and discovered that Iley did not send this money to the Department of Defense but instead used the money to purchase exotic cars, pay off monthly loans, and pay monthly credit card bills.
"I observed that all these investors were receiving monthly 'annuity' checks from Texas Legacy Insurance accounts.
"This was suspicious in that the insurance agency was about to make these large monthly payments and continue to operate normally."
The arrest warrant also states that Iley pocketed money from customers' insurance premiums, leaving some uninsured.
During the investigation, one customer from Graford learned that from Sept. 2022 through Jan. 2026 their home and boat were not insured, despite paying Iley approximately $85,781.19 in insurance premiums.
MORE CHARGES POSSIBLE
Two months ago, Beneath the Surface News learned that an investigation into Iley’s business practices was underway and began monitoring his social media accounts.
On Wednesday, Iley posted a message to Facebook that seemed to indicate he was aware that trouble was brewing.
The post read in part: “So be as Flexible as you are Fierce for God Almighty & He will bring you Hurricane after Hurricane; for which the bigger the obstacle the More Glory to God it will bring!
“If you’re reading this at this moment as I passed this message on to my staff…then I’m facing a massive Hurricane, God knows I’m being bent, God knows I’m soaked to the core, God knows my pain…
“But he also knows my Heart & Soul carry that New Testament Love as my Body delivers that Old Testament Fire, all in His Name! Amen!”
He ended the post with a string of hashtags:
That post was removed and two days later, Iley was taken into custody.
Beneath the Surface News has learned that the FBI is also investigating Iley and that more charges are possible, including stolen valor.
On his social media profiles, Iley claims to be the CEO of Spartan Global Security – USA Division; CEO and commander of Black Eagle PMC Military Defense; owner of Black Ops Motorsports, Aero & Marine LLC, CEO of Black Ops Inc. and Black Ops International Inc; and a private military defense contractor.
It also shows that he is the owner/CEO of Texas Legacy Insurance Group and Texas Veterans Insurance Group.
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This is such a shocking story, especially given how well known he was in the community. Allegations involving stolen investments and unpaid insurance premiums hit hard because they directly affect families who trusted him. The detail about customers unknowingly being uninsured for years is honestly unsettling. I recently read a local accountability piece on https://englandderbyshire.co.uk/ that also showed how important investigative reporting is in situations like this. It will be interesting to see how the case unfolds and whether additional charges come forward.
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It is truly shocking to hear about another insurance agent facing charges for theft and money laundering. Stories like this are a nightmare for clients who trust these professionals with their financial security. When an agent turns criminal, it underscores why we must always verify our policies directly with the carrier.
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